First large-scale gold project in the Kingdom in early 2020
05 November 2018 | 09:33 ICT
Emerald Resources, the Australian-listed mining firm behind Cambodia’s Okvau gold project in Mondulkiri province, will start its first large-scale gold project in the Kingdom in early 2020.

Ministry of Mines and Energy spokesman Yos Monirath who said this, added that the firm obtained an industrial mining licence in July and actively raised funding to develop the project.

Emerald Resources, which is listed on the Australian Securities Exchange (ASX), said in an ASX filling last Thursday that it has raised A$27 million ($19.5 million) to fund development activities at its Okvau operations.

Monirath said on Sunday that Emerald Resources received an industrial mining licence in July. The firm is actively raising funding to develop its production infrastructure, and that it will presumably extract its first gold nuggets in early 2020.

He said the project would provide jobs, generate economic activities and revenue for the government. “We will earn revenue from royalties, taxes, and rental fees from the land needed for this project,” he said.

Emerald Resources, Monirath said, is the first large-scale company to obtain an industrial mining licence from the ministry. So far, he said the ministry had provided 50 exploring licenses for mining.

The company released its definitive feasibility study (DFS) in May last year and revealed that the Okvau gold project could produce 106,000 ounces of gold a year on average.

It estimated that the mine will initially be active for seven years, while capital investment amounted to $98 million.
https://www.phnompenhpost.com/business/ ... early-2020

Emerald Resource, owner of Okvau Gold Project, received environmental approval from the Cambodian government in November 2017:
http://www.emeraldresources.com.au/site ... 131117.pdf

The mining license was then grated in July 2018:

PERTH (miningweekly.com) – ASX-listed Emerald Resources has been granted a mining licence for its Okvau gold project, in Cambodia.

The mining licence has an initial 15-year term, with the right of two renewals of up to ten years each.

“We are excited by the grant of the mining licence as it is a significant achievement on the path forward to the development of the Okvau gold project later this year, and transition into a 100 000 oz/y gold production,” said Emerald MD Morgan Hart.

“Importantly, the Okvau gold project development has received strong endorsement from the Cambodian Prime Minister, following the Royal Government’s diligent approach to the environmental permitting, allowing for the grant of the mining licence.”

The Okvau project is expected to require a capital investment of $98-million to develop a two-million-tonne-a-year operation delivering about 106 000 oz of gold, over an initial mine life of seven years.

http://www.miningweekly.com/article/eme ... 2018-07-10

Emerald raises A$75m for Okvau
24th January 2020
By: Esmarie Iannucci
PERTH (miningweekly.com) – Gold developer Emerald Resources will raise A$75-million through a share placement to fund development activities at its Okvau gold project, in Cambodia.

The company would place an initial 762.1-million shares at a price of 4c each, under its existing placement capacity, to raise A$30.4-million, with a further 1.11-billion shares to be placed, subject to shareholder approval, to raise a further A$44.5-million.

A shareholder meeting is scheduled for March 13.

The offer price represented a 9.1% discount to Emerald’s closing price on January 20, and an 8.7% discount to the five-day volume weighted average share price, as well as a 6.2% discount to the ten-day volume weighted average share price.

“We are delighted with the response from investors to this milestone moment for the company. We have strengthened our register with globally recognised institutional shareholders with demand to participate in the placement well in excess of shares available,” said Emerald MD Morgan Hart.

“The support demonstrates the robust nature of the Okvau gold project, and the support for the company’s strategy of becoming the first modern large-scale Cambodian gold producer.”

Funds raised under the placement will allow for the continued development at Okvau while the company finalizes a $60-million project finance facility.

The Okvau project is expected to require a capital investment of $98-million to develop a two-million-tonne-a-year operation delivering about 106 000 oz of gold, over an initial mine life of seven years.
http://www.miningweekly.com/article/eme ... 2020-01-24

Emerald settles $60m funding for Okvau
11th March 2020
By: Esmarie Iannucci
PERTH (miningweekly.com) – ASX-listed Emerald Resources has inked a $60-million credit agreement with Sprott Private Resource Lending to finance its Okvau gold project, in Cambodia.

“We are extremely pleased to have executed this credit agreement which is the culmination of a thorough and collaborative process by the team at both Emerald and Sprott,” said Emerald MD Morgan Hart.

“With the execution of the agreement and a clear path for financing, we look forward to achieving our goal of becoming the first modern large-scale Cambodian gold producer in the second quarter of 2021.”

The Okvau debt facility has also provided Emerald access to a $100-million acquisition and development facility to fund future development and acquisition opportunities, Emerald said on Wednesday.

Financial close and first drawdown of the debt facility remains subject to customary conditions, including the execution of all facility documentation and the perfection of security, which is expected by the end of the first quarter this year.

The Okvau project is expected to require a capital investment of $98-million to develop a two-million-tonne-a-year operation delivering about 106 000 oz of gold, over an initial mine life of seven years.
https://www.miningweekly.com/article/em ... 2020-03-11